Monitoring and evaluating the risks facing your organization helps you plan for and mitigate worst-case scenarios. Internal risk can be difficult to quantify, and it gets even more complicated when you’re assessing risk from third parties. Third-parties with whom you do business could present reputational and other risks you can’t predict, but their liability and business insurance policies can also protect you.
Many companies rely on verifying a third party’s insurance coverage as part of their third-party risk management procedures. But it’s often a manual, complicated, and frustrating process.
Whatever team handles COI tracking in your organization – risk management, legal, or compliance — they’re probably tired of the manual work. Entering data in spreadsheets and multiple phone calls and emails is time-consuming and tedious. And the wide range of coverage types they need to monitor to demonstrate compliance adds another layer of difficulty. Even when third parties respond and supply a COI, it’s not always an accurate snapshot of coverage.
Here are a few things your business can do right now to improve your COI tracking processes.